Voya Investment Management LLC Decreases Stock Holdings in ServiceNow, Inc. $NOW

Key Points

• Voya Investment Management LLC reduced its stake in ServiceNow, Inc. by 35.8%, holding 626,761 shares valued at approximately $498.64 million after selling 349,609 shares in the first quarter.
• Insider trading activity saw Director Anita M. Sands sell 1,097 shares for about $1 million, representing a 10.54% decrease in their position.
• ServiceNow reported a quarterly earnings per share of $4.09, exceeding analysts' expectations of $3.57, with revenues reaching $3.22 billion, up 22.4% compared to last year.

Voya Investment Management LLC decreased its stake in shares of ServiceNow, Inc. (NYSE:NOW - Free Report) by 35.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 626,761 shares of the information technology services provider's stock after selling 349,609 shares during the period. Voya Investment Management LLC owned about 0.30% of ServiceNow worth $498,644,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of the stock. Bogart Wealth LLC boosted its position in ServiceNow by 113.3% in the first quarter. Bogart Wealth LLC now owns 32 shares of the information technology services provider's stock worth $25,000 after purchasing an additional 17 shares during the last quarter. Graybill Wealth Management LTD. purchased a new position in ServiceNow in the first quarter worth $26,000. Heck Capital Advisors LLC purchased a new position in ServiceNow in the fourth quarter worth $37,000. WASHINGTON TRUST Co boosted its position in ServiceNow by 620.0% in the first quarter. WASHINGTON TRUST Co now owns 36 shares of the information technology services provider's stock worth $29,000 after purchasing an additional 31 shares during the last quarter. Finally, Dagco Inc. purchased a new position in ServiceNow in the first quarter worth $33,000. Hedge funds and other institutional investors own 87.18% of the company's stock.

Insider Activity at ServiceNow

In other ServiceNow news, insider Jacqueline P. Canney sold 1,562 shares of the business's stock in a transaction that occurred on Monday, August 18th. The stock was sold at an average price of $866.45, for a total transaction of $1,353,394.90. Following the sale, the insider directly owned 3,027 shares of the company's stock, valued at $2,622,744.15. The trade was a 34.04% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Gina Mastantuono sold 1,762 shares of the company's stock in a transaction that occurred on Monday, August 18th. The shares were sold at an average price of $866.45, for a total value of $1,526,684.90. Following the transaction, the chief financial officer directly owned 12,228 shares in the company, valued at approximately $10,594,950.60. This represents a 12.59% decrease in their position. The disclosure for this sale can be found here. Insiders sold 18,976 shares of company stock valued at $17,049,775 in the last ninety days. Corporate insiders own 0.38% of the company's stock.

Analyst Ratings Changes

Several brokerages have issued reports on NOW. DA Davidson boosted their target price on ServiceNow from $1,150.00 to $1,250.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Jefferies Financial Group boosted their target price on ServiceNow from $1,025.00 to $1,150.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Barclays set a $1,210.00 target price on ServiceNow in a research note on Thursday, July 24th. Citigroup boosted their target price on ServiceNow from $1,160.00 to $1,234.00 and gave the company a "buy" rating in a research note on Thursday, July 24th. Finally, Piper Sandler boosted their target price on ServiceNow from $1,120.00 to $1,150.00 and gave the company an "overweight" rating in a research note on Thursday, July 24th. One analyst has rated the stock with a Strong Buy rating, twenty-nine have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company's stock. According to data from MarketBeat.com, ServiceNow currently has an average rating of "Moderate Buy" and an average price target of $1,115.20.

ServiceNow Trading Down 0.9%

NOW stock traded down $8.24 during trading on Friday, hitting $930.04. 711,066 shares of the company traded hands, compared to its average volume of 1,580,307. ServiceNow, Inc. has a 1 year low of $678.66 and a 1 year high of $1,198.09. The company has a debt-to-equity ratio of 0.14, a quick ratio of 1.09 and a current ratio of 1.09. The company has a 50-day moving average of $927.34 and a 200-day moving average of $922.33. The firm has a market capitalization of $193.45 billion, a PE ratio of 117.13, a P/E/G ratio of 4.23 and a beta of 0.91.

ServiceNow (NYSE:NOW - Get Free Report) last released its earnings results on Wednesday, July 23rd. The information technology services provider reported $4.09 EPS for the quarter, beating analysts' consensus estimates of $3.57 by $0.52. ServiceNow had a return on equity of 18.04% and a net margin of 13.78%.The company had revenue of $3.22 billion during the quarter, compared to analysts' expectations of $3.12 billion. During the same quarter last year, the business posted $3.13 EPS. The firm's revenue for the quarter was up 22.4% compared to the same quarter last year. Analysts predict that ServiceNow, Inc. will post 8.93 earnings per share for the current fiscal year.

About ServiceNow

ServiceNow, Inc provides end to-end intelligent workflow automation platform solutions for digital businesses in the North America, Europe, the Middle East and Africa, Asia Pacific, and internationally. The company operates the Now platform for end-to-end digital transformation, artificial intelligence, machine learning, robotic process automation, process mining, performance analytics, and collaboration and development tools.